HomeMy WebLinkAbout96-08HOUSING AND DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF LAKEVILLE
COUNTY OF DAKOTA
STATE OF MINNESOTA
RESOLUTION NO. 96 -8
BEING A RESOLUTION APPROVING THE
DECERTIFICATION BY THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY
OF LAKEVILLE OF ITS TAX INCREMENT FINANCING
DISTRICT No. 7 (Mcstop)
WHEREAS, the Housing and Redevelopment Authority in and for the City of Lakeville,
Minnesota (the "Authority ") and the City of Lakeville (the "City "), have the legal authority to
create Redevelopment Projects pursuant to Minnesota Statutes Section 469.001 to 469.047,
inclusive, and to create Tax Increment Financing Districts within such Redevelopment Projects
pursuant to Minnesota Statutes Sections 469.174 - 469.179, inclusive.
WHEREAS, pursuant to a Redevelopment Plan (the "Redevelopment Plan") and a Tax
Increment Financing Plan (the "Tax Increment Plan") dated 1984, the Authority and the City
created Redevelopment Project No. 1 -35 -1 (the "Project ") and Tax Increment Financing District
No. 7 (the "District "); and
WHEREAS, the McStop Tax Increment District No. 7 was created in 1984 as an Economic
Development District and received its final increments in 1994. The balance of increments is
committed to the future bond payments for the Water Revenue Refunding Bonds of 1991 A.
WHEREAS, all public redevelopment costs contemplated to be paid using tax increment
generated from the District have either been paid or the Authority has sufficient funds on hand,
including tax increment generated from the District, to pay the remaining public redevelopment
costs contemplated by the Redevelopment Plan and Tax Increment District, and the Authority
has determined that it is desirable and appropriate to decertify the District at this time.
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Lakeville TIF -7 Decertification
HRA Resolution
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority
that the District is hereby terminated and the Executive Director of the Authority is hereby
directed to furnish the City Council of the City with a copy of this Resolution and to take all
other actions, including notifying the County Auditor of Dakota County, necessary to decertify
the District.
DATE: December 16 1996
Chairman
ATTE
Executive Director
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Lakeville TIF -7 Decertification
HRA Resolution